Adoption grows as more than $7T settled with stablecoins in 2022

Must read

Coinbase sees massive $1 billion Bitcoin withdrawal

What is CryptoSlate Alpha?A web3 membership designed to empower you with cutting-edge insights and knowledge, powered by Access Protocol. Learn more ›Connect via Access...

Exploring SynFutures V3 and the Oyster AMM

What is CryptoSlate Alpha?A web3 membership designed to empower you with cutting-edge insights and knowledge, powered by Access Protocol. Learn more ›Connect via Access...

From credit spreads to HODLing patterns: Navigating February’s crypto market shifts

Welcome to the February CryptoSlate Alpha Monthly Snapshot, an exclusive round-up designed for our CryptoSlate Alpha subscribers.In February, our comprehensive reports and insightful articles...

Record high realized cap shows unprecedented economic investment in Bitcoin

What is CryptoSlate Alpha?A web3 membership designed to empower you with cutting-edge insights and knowledge, powered by Access Protocol. Learn more ›Connect via Access...

Adoption grows as more than $7T settled with stablecoins in 2022 Adoption grows as more than $7T settled with stablecoins in 2022 Andjela Radmilac · 2 hours ago · 1 min read

The total value settled with stablecoins this year surpassed the settlement value at Mastercard, which processed around $2.2 trillion in value in 2022.

1 min read

Updated: December 23, 2022 at 10:52 am

Adoption grows as more than $7T settled with stablecoins in 2022

Cover art/illustration via CryptoSlate

Haru Invest

The ongoing bear market did little to curb the rising use of stablecoins. On the contrary, dollar-pegged coins like USDT and USDC saw a parabolic growth in market cap this year, becoming a defacto settlement currency of the crypto industry.

Following the collapse of Terra and its algorithmic stablecoin UST, the two stablecoin giants took over the majority of stablecoin volumes — and they show no sign of stopping.

According to data from CoinMetrics, over $7 trillion in value has been settled with stablecoins in 2022. This is a significant increase from the $6 trillion settled in 2021 and the $1 trillion settled the year before.

stablecoin settlement value
Graph showing the total value settled with stablecoins from 2016 to 2022 (Source: CoinMetrics)

Some analysts predict that the value settled with stablecoins could reach as much as $9 trillion in 2023, second only to Visa, which processes around $12 trillion in value per year. Others believe their on-chain volume will surpass not only Visa but also the aggregate volume of all four major card networks — Visa, MasterCard, American Express, and Discover.

However, even if the settlement value stays flat next year, it will surpass almost all the other large settlement providers individually — including Mastercard, American Express, and Discover.

Mastercard, the second-largest card issuer in the world, processed around $2.2 trillion in value so far in 2022, falling way behind the combined settlement value of the seven largest stablecoins. For example, American Express settled around $1 trillion in value this year, while Discover settled less than $200 billion in transactions.

More articles

Latest article

Coinbase sees massive $1 billion Bitcoin withdrawal

What is CryptoSlate Alpha?A web3 membership designed to empower you with cutting-edge insights and knowledge, powered by Access Protocol. Learn more ›Connect via Access...

Exploring SynFutures V3 and the Oyster AMM

What is CryptoSlate Alpha?A web3 membership designed to empower you with cutting-edge insights and knowledge, powered by Access Protocol. Learn more ›Connect via Access...

From credit spreads to HODLing patterns: Navigating February’s crypto market shifts

Welcome to the February CryptoSlate Alpha Monthly Snapshot, an exclusive round-up designed for our CryptoSlate Alpha subscribers.In February, our comprehensive reports and insightful articles...

Record high realized cap shows unprecedented economic investment in Bitcoin

What is CryptoSlate Alpha?A web3 membership designed to empower you with cutting-edge insights and knowledge, powered by Access Protocol. Learn more ›Connect via Access...

Vanguard CEO to retire but firm unlikely to change anti-crypto stance

What is CryptoSlate Alpha?A web3 membership designed to empower you with cutting-edge insights and knowledge, powered by Access Protocol. Learn more ›Connect via Access...